Oil and Gas Producing Activities |
6 Months Ended |
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Jun. 30, 2020 | |
| Extractive Industries [Abstract] | |
| Oil and Gas Producing Activities | Oil and Gas Producing Activities We measure the Trust’s share of oil and gas produced in barrels of equivalency (“BOEs”). One BOE equals one barrel of crude oil, condensate, NGLs (natural gas liquids) or approximately 6,000 cubic feet of gas. As of June 30, 2020 and December 31, 2019, the Trust’s share of oil and gas produced was approximately 15.7 and 13.7 thousand BOEs per day, respectively. Reserves related to the Trust’s royalty interests are not presented because the information is unavailable.
There are a number of oil and gas wells that have been drilled but are not yet completed (“DUC”) where the Trust has a royalty interest. The number of DUC wells is determined using uniform drilling spacing units with pooled interests for all wells awaiting completion. The Trust has identified 583 and 486 DUC wells subject to our royalty interest as of June 30, 2020 and December 31, 2019, respectively.
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